There is some relief for OSL Holdings Inc (OTCMKTS:OSLH), the stock of which, regained consciousness during the previous trading session. The development and technology company had witnessed the biggest slid a day earlier following a disappointing quarterly report. However, there is not specific news to help the stock move up either.
Dismal financial report
OSL Holdings Inc (OTCMKTS:OSLH) came under pressure after it released a severely distressed account of its quarterly performance. As per the filing, the cash balance of the company sits at $118,000 while its current assets totaled $1 million. Though the numbers were quite fair, they fail to balance $7.6 worth of current liabilities of the company. The total revenue of the company stood at $1.2 million while its net loss came in at $3.1 million. The dismal report poured water on each of the investors’ hopes linked with the company.
Another point of concern for investors is OSL Holdings Inc (OTCMKTS:OSLH)’s toxic debt. The company has issued a number of outstanding notes to the creditors, which can easily be converted into stock. These notes also contain provisions to allow the holders convert them into stock at nearly 75% discounted price, making it a very unhealthy form of debt for any company. The weak financials eroded the value, which was accumulated by the company over the last few days.
In its most recent press releases, OSL Holdings Inc (OTCMKTS:OSLH) has talked about forming a joint venture with Cheryl Shuman, while it announced its intentions of entering into a licensing agreement with marijuana fame. On the other hand, the company had also noted the launch of Grow Light LED at its retail store in association with Independence LED. Through this step, the company not only tried to enhance revenues but also add another business to its verticals.
The stock of OSL Holdings Inc (OTCMKTS:OSLH) inched up by 8.65% to $0.113 during the previous trading session, when nearly 46 million shares traded hands.